Coinbase has unveiled its Phase II expansion strategy, titled “Go Broad, Go Deep,” emphasizing a focus on markets with clear regulatory frameworks. This phase includes acquiring licenses, establishing operations, and building a presence in select regions. The initial priority markets for Coinbase encompass Europe (EU and UK), Canada, Brazil, Singapore, and Australia. Notably, Coinbase is in the final stages of selecting a location for its MiCA hub within the EU. The exchange also aims to foster global partnerships, collaborate with financial institutions, and contribute to global industry standards development.
Coinbase Ventures has made its initial investments from the Base Ecosystem Fund into six projects: Avantis, BSX, Onboard, OpenCover, Paragraph, and Truflation. Coinbase Ventures received an impressive 800+ applications, underscoring the keen interest in its Base network. While specific investment amounts remain undisclosed, the Base Ecosystem Fund was established to support promising on-chain projects that leverage Coinbase’s Base network capabilities.
Legal Battle: LBRY Appeals SEC Ruling
Crypto startup LBRY is challenging a court decision that found it liable for failing to register with the US Securities and Exchange Commission (SEC). LBRY has filed an appeal against the ruling, which was delivered on November 7, 2022. The court had determined LBRY’s violation of Section 5 of the Securities Act of 1933. This legal battle highlights ongoing regulatory scrutiny within the crypto space.
Bitcoin miner Riot Platforms has successfully reduced its energy consumption through a partnership with the Electric Reliability Council of Texas (ERCOT). Riot Platforms received $31.7 million in energy credits in the last month, equivalent to approximately 1,136 BTC based on August’s average prices. This initiative involved curtailing power usage by over 95% during periods of peak demand in Texas, where extreme heat drove electricity demand to the brink of supply limits.
Regulatory Guidance: IMF and FSB Discourage Total Crypto Bans
The International Monetary Fund (IMF) and the Financial Stability Board (FSB) have jointly advised against implementing outright bans on cryptocurrencies. They argue that such bans are impractical due to the global and borderless nature of crypto assets. Instead, their report recommends targeted regulatory measures, sound monetary policies, licensing of crypto service providers, and adherence to the Financial Action Task Force’s (FATF) anti-money laundering and counter-terrorist financing (AML/CFT) standards.
Career Advancements: Krish Chatterjee Joins Finery Markets
Finery Markets, an OTC multi-dealer electronic marketplace serving crypto businesses and institutions, has appointed Krish Chatterjee as an advisory member for business development in the Asia-Pacific (APAC) region. Chatterjee brings valuable experience from previous roles as a BD Consultant at Infinito Blockchain Labs and as an International Sales & BD Manager at DTCO. His expertise includes devising sales strategies and promoting blockchain solutions across various industries, making him a valuable addition to the Finery Markets team. Additionally, Chatterjee offers mentorship to blockchain projects, leveraging his extensive knowledge of tokenization and launch processes gained from working in the Web3 space.
